THIS MORNING: Event pipeline continues thinning out

Good morning, friends. The CMA has put a package of amendments to its investment funds rules out for a 30-day consultation, and the part that’s most worth paying attention to is that private funds would have to report what they hold, asset by asset.

For real estate funds that means every holding named — type, location, latest valuation, how far along the development is, occupancy where it applies. Private equity and venture funds would list each investee, the size of the stake and what it is marked at, with exits reported down to the realized value and the return.

Webook is going the other way, outward. The company built on Saudi Arabia’s entertainment seasons has moved past ticketing into flights, hotels, visas, dining and attractions and is now heading into Europe, with Nadeem Bakhsh making the case for a “super app for fun” with the Kingdom at its center.

Meanwhile, the event pipeline is looking thinner: Two of the Kingdom’s biggest construction-sector trade shows, Saudi Build and Saudi Elenex, have been postponed from their original 2-5 November in Riyadh to 1-4 November 2027, because of ongoing Middle East tensions. Organizer Riyadh Exhibitions Company said the decision puts the “safety and well-being” of stakeholders first and gives more time to facilitate international participation, partnerships and trade transactions.

Conserving fire

Saudi Arabia has cut the number of interceptors it fires at each incoming missile from five to seven down to a couple, conserving stocks as it presses Europe for more air defense hardware, military and defense sources tell The National. A western diplomatic source said Saudi Arabia is pushing hard for “more UK involvement.”

What Europe has to give is limited. Any new Sky Sabre batteries would have to be redirected from the Baltics, a former military intelligence officer said, warning that gaps there could make Russia “even more kinetic.” A UK defense source put it plainly: “We have very little left in the locker to give.” Britain could offer a few Rapid Ranger systems, though “we’ve only got a couple of dozen” and some are already in the Kingdom, Defense Eye editor Francis Tusa said. London is also expected to share satellite imagery and intelligence on the Houthis.

The demand side keeps growing. The coalition intercepted two ballistic missiles fired toward Khamis Mushait and drones over Riyadh and the Eastern region, while the UKMTO reported two incidents off Jubail, with one tanker hit by an unknown projectile and another by a grenade. On the Yemeni front, the Houthis encircled Taiz, Yemen’s third-largest city, and could use it to open a route toward Aden.

The air campaign continues. Saudi warplanes carried out 110 airstrikes and missile attacks over the past 24 hours, targeting civilian sites in Sanaa, Hodeidah, Taiz, Amran, Hajjah, Saada, Al Jawf, Dhale and Marib, Houthi spokesperson Yahya Saree said on Sunday. The strikes involved the use of F-15 and Typhoon fighter jets flying from the Khamis Mushait and Taif bases, along with missiles fired from Najran. The Houthis put the total number of Saudi airstrikes and missile attacks since the start of the current round of fighting at 2,652. Saudi Arabia has not yet commented on the Houthi statement.

Europe might be out, but other partners are stepping up to form a defensive front: Egypt’s National Defense Council pledged full support to Saudi Arabia, announcing its intention to provide “complete standing and solidarity” with Saudi Arabia and on providing “all necessary forms of support” to defend the kingdom’s security. Turkey and Pakistan also committed forces for deployment inside the Kingdom, though Ankara ruled out joining any offensive operations.

Riyadh airport reopens to restore some normality, but airlines remain wary: King Khalid International Airport reopened yesterday, yet most foreign carriers have not resumed flights. Cathay Pacific extended its Riyadh suspension to 31 January, and Delta pushed the launch of its Atlanta-Riyadh route to March. Lufthansa suspended Riyadh flights until 18 November, Philippine Airlines until 29 November, and KLM and SalamAir until 31 October. Air France, Air India, Akasa and IndiGo are also grounded until around 24 October.

Time to reassess

The World Bank says this is a good time for Riyadh to reconsider some of the investments launched under its diversification drive and redirect resources toward more pressing needs. The Kingdom still has enough fiscal space to cushion the war-driven energy shock, but that buffer is shrinking, World Bank chief economist for MENAAP Roberta Gatti told Asharq Business (watch, runtime 6:12). She urged the government to measure the results of its investments regularly, cautioning that “the urgent should not completely overshadow the important.”

The OECD is more upbeat on the headline: Saudi Arabia’s economy is “in a far more resilient position than most other countries in the region,” Secretary-General Mathias Cormann told Asharq Business in a separate interview (watch, runtime 5:11), with growth of about 4% expected in 2027. He pointed to the Kingdom’s alternative oil export routes, saying it “has more options than others,” and noted that higher crude prices have offset part of the sharp drop in export volumes.

That forecast comes with a condition attached: “We are obviously assuming the conflict ends,” Cormann said, adding that prolonged or escalating fighting with energy prices staying high would force the OECD to revise its outlook. The organization remains “cautiously optimistic.”

ICYMI- The IMF expects the Saudi economy to shrink 3.3% in 2026 before rebounding 7.9% in 2027, a milder hit than most Gulf peers, citing the alternative export routes as the cushion after the closure of the Strait of Hormuz took out a route carrying around 20 mn bbl / d before the war.

Made in KSA

Bahri plans a second IMI order next year: The National Shipping Company (Bahri) will place a second order with the shipbuilder International Maritime Industries (IMI) in 2027, CEO Ahmed Alsubaey told Asharq Business without giving order’s size or value. Bahri is also moving to own LR1 and LR2 product carriers, and is eyeing new segments, including Suezmax and Aframax crude tankers, and additional gas cargoes beyond LPG and ammonia. The company will also add two vessels by year-end, taking its fleet to 109 from 82 four years ago.

IMI’s yard will build most of the new ships: Bahri has a 10-year agreement with IMI, in which it holds a near 20% stake, covering 53 vessels and has committed to building most of its new ships at the yard, Alsubaey said. The first order, a SAR 762 mn contract with IMI for six dry bulk carriers, is for delivery between 2028 and 2029.

REMEMBER- Bahri has been riding the tanker boom: The company’s net income surged 574% y-o-y to nearly SAR 2.8 bn in 2Q 2026, while revenue jumped 156% to SAR 6.3 bn on higher freight rates and Bahri chartering in more tankers to meet customer demand.

Tamimi expanding plans

Tamimi Energy Group is planning three new factories in the Eastern Province, with partnerships involving companies from China, India, and Italy, CEO Adel Al Shouraim told Aleqtisadiah. The group has localized nine factories so far, primarily in Dammam’s industrial city, with additional agreements under negotiation that could lead to new manufacturing facilities in the coming months.

REMEMBER- The company has separately been working on an IPO for more than a year and expects a Tadawul listing within two to three years.

Data point

SAR 20 bn — that’s how much the cybersecurity sector contributed to GDP at current prices in 2025, up from nearly SAR 18.5 bn in 2024, according to the National Cybersecurity Authority. The market was valued at SAR 16.3 bn in 2025, growing 7.2% y-o-y, with the private sector accounting for SAR 11.2 bn and government entities spending SAR 5.1 bn.

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The big story abroad

Europe takes to the streets: Protests have erupted across the continent, from Spain, France and Portugal to Italy, Belgium and Albania, fueled by frustration over social and economic problems. School conditions and the cost of living, particularly housing, are among the main drivers of the unrest.

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